Can You RETIRE on $1 Million? (2024)

Can You Retire with $1 Million? Financial Planning Insights

In this episode, financial planner Tommy Cloud explores whether you can retire with $1 million. Using the example of Frank and Susie, he examines various retirement scenarios at different ages, accounts for living expenses, social security strategies, healthcare costs, and other financial factors. He demonstrates how different adjustments impact the probability of a successful retirement, aiming to provide insights for effective retirement planning. This detailed analysis helps viewers understand how to potentially retire comfortably with $1 million by making informed and strategic financial decisions. Don't forget to like, subscribe, and hit the notification bell for more valuable financial insights!

00:00 Introduction: Can You Retire with $1 Million?
00:50 Meet Frank and Susie: Setting the Stage
02:09 Healthcare Costs in Retirement
03:59 Social Security and Living Expenses
05:16 Scenario Analysis: Retiring at Different Ages
07:05 Adjusting the Plan: Budget and Social Security Changes
11:58 Conclusion: Is $1 Million Enough?
13:08 Next Steps and Additional Resources

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